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Ripple Price Analysis: XRP/USD short-term recovery is capped by 1-hour SMA50

  • Ripple's XRP regained ground after the sell-off.
  • The recovery towards the intraday high is limited by 1-hour SMA50.
Ripple Price Analysis: XRP/USD short-term recovery is capped by 1-hour SMA50
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

XRP/USD tested the intraday high at $0.2243, but the upside proved to be unsustainable as the price of the third-largest digital asset retreated below $0.2200 and touched the intraday low at $0.2166. At the time of writing, XRP/USD is changing hands at $0.2180. Despite the retreat, the coin is moving within a short-term bullish trend amid high volatility. 

XRP/USD: Technical picture

On the intraday charts, XRP/USD used the middle line of the 1-hour Bollinger Band as local support and a backstop that limited the decline and attracted new short-term buyers to the market. Meanwhile, the upside is limited by $0.2200 and 1-hour SMA50 at $0.2210. Once it is out of the way, the upside is likely to gain traction with the next focus on the intraday high at $0.2243.

On the downside, a sustainable move below $0.2160 will increase the selling pressure and expose 1-hour SMA100 at $0.2130 followed by $0.2100.

XRP/USD 1-hour chart


Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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